It is hardly a surprise that in modern times keeping statistics and predicting the impact of various fields in a nation is essential to ensure that it continues to develop smoothly. Interestingly, it wasn’t until the 1700s that this concept was materialized by a Scottish philosopher Adam Smith in the form of economics. Presently, there …
Economics is an integral part of our society. It is a discipline that enables us to understand and observe our growth statistically, while also allowing us to predict the future in terms of finances and productivity. Economics is fundamentally divided into two categories; macroeconomics and microeconomics. As the name suggests, macroeconomics studies trends on large …
For centuries, humanity has been trying to come up with the ideal structure or methodology to successfully run a community, in which every individual agrees with the governing body and vice versa. While all the ideologies and planning appear flawless on paper, these begin to crumble as soon as they are implemented in the real …
Presently, we live in a world that is overly filled with amenities. The prosperity that is experienced and taken for granted by humans today would have never crossed the mind of a person from the 18th or 19th century. This is in large because of the industrial revolution. Despite this, its contributions are underestimated tremendously. …
Estimating the value of objects is both useful and necessary for the growth of a community, establishing trades, and strengthening relations with neighboring cities or even nations. Since the dawn of civilization, humans have been keen on putting an estimate on different items. For instance, before the implementation of a fixed currency, the barter system …